The Sanctions Effect: Alrosa Now Selling More Diamonds to Russians
In a statement to Tass, the state-ran Russian news agency, quoted by IDEX Online, Alrosa has claimed that its sales of high-value diamonds to wealthy investors in Russia “have increased significantly since sanctions and hard currency restrictions were imposed.”
Alrosa, which is part-owned by the Russian government, started its Diamond Exclusive program, in partnership with private banks, three years ago, and is now seeing interest in the program grow.
In the statement, Alrosa said: “Starting from March, interest towards this program has grown several times, as people looking for investment vehicles amid hard currency restrictions consider investing in diamonds similar to investing in gold.”
Recently, Alrosa said it may sell its rough diamonds to Russia’s state-run Gokhran. In an interview with Reuters quoted by IDEX Online, Russia’s finance minister Anton Siluanov said: “We do not rule out the possibility of Gokhran purchasing diamonds produced by Alrosa. The amount will be determined later.”